Trump’s tariff chaos just turned Bitcoin into a real-time referendum on global risk. When the White House bounces from a 10% to a 15% global duty and lawyers rush to challenge the plan, corporate margins, supply chains and FX all get repriced at once – and crypto is trading that uncertainty tick by tick
Bitcoin sliding toward the 63–64k zone, down roughly a quarter from its 126k peak, is the market’s way of saying “this tariff experiment is not free.” Spot BTC ETFs bleeding billions over five straight weeks confirm that big money is stepping back, not aping the dip. In this environment, $BTC behaves less like “digital gold” and more like a high‑beta macro asset that sells off when tariffs, war risk around Iran and equity volatility all spike at once.
The interesting part is where the rotation goes next. Some capital is clearly drifting into AI equities and safer yield, while on-chain volume and open interest in crypto fade – but the same macro pressure that hurts $BTC today can later become the narrative fuel for hard‑capped assets and high‑conviction alt narratives once a new policy equilibrium and rate path are clearer. I’m watching for a clean defense or reclaim of the 60–64k band on Bitcoin, and whether AI and infrastructure names quietly build strength while everyone else doomscrolls tariffs.